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Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
 COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing interest among market participants on whether this would warrant a physical arbitrage of placing coal on storage now for deferred consumption to extract value from the curve", said Miswin Mahesh, a commodities analyst at Barclays Capital in London.
According to Miswin, the current contango however, is yet to incentivize a larger percentile of physical market players, given their limited access to cost efficient storage facilities (in contrast to utilities that have their own backyard). Infact for the wider spectrum of market players, current storage costs at the ARA ports average $15/t for a year, along with other costs associated with discharging from board onto barge, barge onto stock and re-loading from stock (that add another $7/t), while surcharges and other expenses add another marginal amount. The limited storage space available at these terminals also need to be accounted for.
"We would therefore expect opportunistic demand for the purpose of storage to be more attractive only if prices were to widen above the $ 20/t level. And given that the European coal markets are entering a seasonally lacklustre period for coal burn with ample stocks at the ARA discharging ports, while country specific instances such as the oncoming peak of the German renewable season is likely to challenge the call on coal fired generation further", he added further.
These factors are likely to keep prompt prices soft, and the contango is likely to remain steep through this quarter as well.
About Miswin Mahesh
Miswin Mahesh is a commodities analyst at Barclays Capital in London, specializing in the coal, freight and crude oil markets. Miswin is a graduate of the Duisenberg School of Finance in Amsterdam.
He graduated with a double masters, an MSc in Corporate Finance and Banking and a Masters degree in International Finance from the University of Amsterdam. Miswin builds his insight on international trade flows from his experience in the Middle East, India, Africa and Europe.
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Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
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